Multiple Choice - 1387 Words

Chapter 15 Monopoly 1. Monopolies use their market leverage to a. charge prices that equal minimum average total cost. b. attain normal profits in the long run. c. restrict output and increase price. d. dump excess supplies of their product on the market. ANSWER: c restrict output and increase price. SECTION: 1 OBJECTIVE: 1 2. If government officials break a natural monopoly up into several smaller firms, then a. competition will force firms to attain economic profits rather than accounting profits. b. competition will force firms to produce surplus output, which drives up price. c. the average costs of production will increase. d. the average costs of production will†¦show more content†¦$60 b. $40 c. $20 d. $10 ANSWER: c $20 SECTION: 2 OBJECTIVE: 2 14. The maximum profit this monopolist can earn is a. $40 b. $30 c. $20 d. $15 ANSWER: d $15 SECTION: 2 OBJECTIVE: 2 15. To maximize profit, the monopolist sets price at a. $40 b. $20 c. $0 d. $10 ANSWER: b $20 SECTION: 2 OBJECTIVE: 2 16. Suppose potatoes were produced in Canada by many, many firms in perfect competition. In Belgium, only one firm produces potatoes for the Belgium market. Suppose further that for the competitive firms and the monopoly minimum ATC is the same. We would expect that in Belgium the price of potatoes is __________ and __________ potatoes are produced and sold than in Canada. a. higher; more b. lower; more c. higher; fewer d. lower; fewer ANSWER: c higher; fewer SECTION: 2 OBJECTIVE: 2 17. â€Å"Monopolists do not worry about efficient production and cost saving since they can just pass along any increase in costs to their consumers.† This statement is a. false; price increases will mean fewer sales, and lower costs will mean higher profits (or smaller losses). b. true; this is the primary reason why economists believe that monopolies result in economic inefficiency. c. false; the monopolist is a price taker. d. true; consumers in a monopoly market have no substitutesShow MoreRelatedMultiple Choice, Binary Choice And Matching Questions Essay894 Words   |  4 PagesMultiple Choice, Binary Choice, and Matching Questions My greatest strength in writing multiple choice, binary choice, and matching questions is creating scenarios for the multiple-choice. I enjoyed writing these scenarios by making up stories that are related to the content. I was also good at keeping track of what we have and what we needed to do. Another strength I had was in creating binary choice question because there is only one right answer. My greatest weakness was coming up with goodRead MoreAccounting: Costs and Multiple Choice975 Words   |  4 PagesUniversity of Cincinnati Student Code of Conduct. Signature: Instructions: Circle your answers for the multiple choice questions on the exam. Fill out the scantron sheet carefully, using a #2 pencil. Your name (last, then first) and M number must be on the scantron sheet. 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The discussions for this roundtable are stationed around sixRead MoreDrugs and behavior today chapter 1 quiz Essay990 Words   |  4 Pagessuggestions 7 Essay questions 8 True/false questions 9 Multiple choice questions 13 CHAPTER 2: DRUG-TAKING BEHAVIOR: THE PERSONAL AND SOCIAL CONCERNS.............. 27 Discussion questions and assignments 27 Lecture outline for Chapter 2 28 Video suggestions 32 Essay questions 33 True/false questions 34 Multiple choice questions 38 CHAPTER 3: HOW DRUGS WORK IN THE BODY AND ON THE MIND....Read MoreUsing Different Types Of Questions For Tests Essay1623 Words   |  7 Pagestested. Whether it be multiple choice, true or false, or short answer responses, test takers may respond differently due to certain correlations between the way they are tested, and the way they learn and take tests in general. Using different types of questions for tests has each of their own benefits, as well as drawbacks. Test format, in addition to a student’s age, major and mood, can lead to inaccurate test results which may correlate with improper test formatting. Multiple choice responses provide